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The
Wells Fargo Advantage Income Opportunities Fund is a closed-end high-yield bond fund. The fund’s investment objective is to seek a high level of current income. The fund may, as a secondary objective, seek capital appreciation to the extent it is consistent with its investment objective.

The
Wells Fargo Advantage Income Opportunities Fund declared the following monthly dividend from ordinary income:

Declaration Date

Ex-Dividend Date

Record Date

Payable Date

Dividend Rate/Share

March 18, 2011

April 11, 2011

April 13, 2011

May 2, 2011

$0.085/share

The
Wells Fargo Advantage Multi-Sector Income Fund is a closed-end bond fund. The fund’s primary investment objective is to seek a high level of current income consistent with limiting its overall exposure to domestic interest-rate risk.

The
Wells Fargo Advantage Multi-Sector Income Fund declared the following monthly dividend from ordinary income:

Declaration Date

Ex-Dividend Date

Record Date

Payable Date

Dividend Rate/Share

March 18, 2011

April 11, 2011

April 13, 2011

May 2, 2011

$0.10/share

The
Wells Fargo Advantage Utilities and High Income Fund is a closed-end equity and high-yield bond fund. The fund’s primary investment objective is to seek a high level of current income and moderate capital growth, with an emphasis on providing tax-advantaged dividend income.

The
Wells Fargo Advantage Utilities and High Income Fund declared the following monthly dividend from ordinary income:

Declaration Date

Ex-Dividend Date

Record Date

Payable Date

Dividend Rate/Share

March 18, 2011

April 11, 2011

April 13, 2011

May 2, 2011

$0.075/share

These closed-end funds are no longer offered as an initial public offering and are only offered through broker/dealers on the secondary market. Unlike an open-end mutual fund, a closed-end fund offers a fixed number of shares for sale. After the initial public offering, shares are bought and sold in the secondary marketplace, and the market price of the shares is determined by supply and demand, not by net asset value (NAV), often at a lower price than the NAV. A closed-end fund is not required to buy its shares back from investors upon request.